Patterson-UTI Energy (PTEN) Q2 2025 Earnings Call July 24, 2025 10:00 AM ET Speaker0Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson UTI Second Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.We ask that you limit to one question and one follow-up. ...

Core Viewpoint - Patterson-UTI Energy, Inc. (PTEN) is expected to report a second-quarter loss of 4 cents per share with revenues of $1.21 billion, reflecting a year-over-year decline in both earnings and revenues [1][10]. Group 1: Financial Performance - In the first quarter of 2025, PTEN achieved breakeven adjusted earnings per share, outperforming the Zacks Consensus Estimate of a loss of 4 cents per share, driven by an 11.2% year-over-year reduction in costs and expenses [3]. - Total revenues for Q1 2025 were $1.3 billion, exceeding the Zacks Consensus Estimate by 7.7% [3]. - The Zacks Consensus Estimate for second-quarter 2025 earnings indicates a 180% year-over-year decline, while revenues are expected to decrease by 10.09% from the previous year [4][10]. Group 2: Cost Management - PTEN's operating costs and expenses are projected to reach $1.26 billion in the second quarter, a 3.4% decrease from the same period last year, reflecting the company's focus on streamlining operations [6]. - Direct operating costs are expected to decline from $971.2 million to $961.2 million, and depreciation, depletion, amortization, and impairment costs are anticipated to decrease from $267.6 million to $230 million [7]. Group 3: Revenue Challenges - The Zacks Consensus Estimate for second-quarter revenues is $1.21 billion, down from $1.35 billion in the year-ago quarter, attributed to poor performance in Completion Services, Drilling Services, and Drilling Products segments [8][10]. - Despite expected revenue declines across several segments, PTEN's cost management efforts are likely to mitigate the financial impact [9].

Group 1 - High Arctic Overseas Holdings Corp. has clarified the qualifications of its Chief Financial Officer, Matthew Cocks, who became a Chartered Accountant in 2010 but is not currently a member of the Institute of Chartered Accountants Australia & New Zealand [1] - The appointment of Mr. Cocks as CFO has been accepted by the TSX Venture Exchange [2] - High Arctic Overseas is a market leader in Papua New Guinea, providing drilling and specialized well completion services, manpower solutions, and rental equipment [3]

Commodities Oil Drilling Report Lifting 2026 supply growth forecast amid reported surge in hedging activity Table 1: Baker Hughes rig count Total rigs by basin | | Anadarko | Bakken | Eagle Ford | Niobrara | Permian | Total Oil | Haynesville Marcellus/ | | Total Gas | Total US | Total US | Total US | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | Basins | | Utica | Basins | Oil Rigs | Gas Rigs | Rigs | | 20-Jun-25 | 47 | 31 | 50 | 25 | 271 | 424 | 39 | 35 | 74 ...

Core Viewpoint - High Arctic Overseas Holdings Corp. intends to initiate a Normal Course Issuer Bid to repurchase up to 622,408 Common Shares, representing approximately 5% of the total shares outstanding, over a 12-month period from June 20, 2025, to June 19, 2026 [2][4]. Group 1 - The Corporation plans to purchase shares at the prevailing market price, with the actual number and timing of purchases determined by management [2][3]. - Purchases will be conducted on the open market and will be financed from the Corporation's working capital [3]. - The Board of Directors believes the current market price does not reflect the underlying value of the Corporation, making the share repurchase an appropriate use of corporate funds [4]. Group 2 - High Arctic Overseas is a market leader in Papua New Guinea, providing drilling and specialized well completion services, as well as equipment rental solutions [6].

Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding industry trends and m ...

Financial Data and Key Metrics Changes - Revenue from operations for Q1 2025 was $736 million, a slight increase of $6 million or 1% from the previous quarter [40] - Total adjusted EBITDA for the quarter was $206.3 million, down from $220.5 million in the fourth quarter, reflecting a decline of $14 million [45][46] - U.S. drilling revenue decreased by $11 million or 4.5% sequentially to $231 million [41] - Average daily rig margins in the Lower 48 came in just under $14,300, down $660 or 4% from the fourth quarter [47] Business Line Data and Key Metrics Changes - The international drilling segment generated revenue of $382 million, an increase of $10.3 million or 3% from the prior quarter, driven by activity increases in key markets [44] - Drilling Solutions revenue increased by $17.2 million or 22.6% to $93.2 million, benefiting from the addition of Parker operations [44][52] - Rig Technologies segment revenue declined by $12 million sequentially to $44.2 million, primarily due to lower capital equipment deliveries in the Middle East [45] Market Data and Key Metrics Changes - The Lower 48 market average quarterly rig count remained stable, with Nabors exiting Q1 with 62 rigs operating [41][39] - The international rig count increased slightly from 84.8 to 85 rigs during the quarter, aided by Parker's contribution [44] - The survey of 14 operators indicated a projected 4% reduction in rig count from the end of Q1 through the end of 2025 [29] Company Strategy and Development Direction - The company is focused on achieving $40 million in cost synergies from the Parker acquisition during 2025 [6][31] - There is a strategic emphasis on international markets, particularly in Saudi Arabia and Kuwait, where new rigs are expected to contribute positively to earnings [19][50] - The company aims to reduce debt and improve free cash flow, with a target of generating free cash in 2025 despite cash consumption [28][54] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment is challenging due to OPEC+ output adjustments and high U.S. shale production, but there are signs of recovery in natural gas activity [7][8] - The company expects a slight increase in rig count in Q2, driven by deployments in Saudi Arabia and Kuwait [39] - Management expressed confidence in the company's ability to navigate through short-term disruptions while positioning for future growth [59] Other Important Information - The company suspended operations in Russia due to U.S. sanctions and does not expect to resume activities there [11][38] - The company has made significant progress in capturing planned synergies from the Parker acquisition, with a focus on corporate cost reductions [57][80] Q&A Session Summary Question: Has the company started accruing any debt in the SANAD joint venture? - Management confirmed that there is no current plan to accrue debt in the SANAD joint venture [64] Question: Is Saudi Aramco finished with rig releases, or are more expected this quarter? - Management provided details on rig suspensions and additions, indicating a wait-and-see approach regarding future releases [65][66] Question: Which business segment is most affected by tariffs? - Management indicated that the impact of tariffs is more significant on spare parts and pumps rather than drill pipe, with mitigation strategies in place [72] Question: How does the company view the potential for an IPO of SANAD? - Management acknowledged that an IPO is a potential path for value realization, especially given the attractive valuations in the Middle East [77] Question: What is the expected corporate run rate for the second quarter with Parker's full contribution? - Management indicated that Parker's contribution should be in the mid-40s for the second quarter, with ongoing synergy capture [90]

HAMILTON, Bermuda, April 29, 2025 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2025 operating revenues of $736 million, compared to operating revenues of $730 million in the fourth quarter of 2024. Net income attributable to Nabors shareholders for the quarter was $33 million, compared to a net loss of $54 million in the fourth quarter. This equates to earnings per diluted share of $2.18, compared to a loss per diluted share of $6.67 in the four ...

Core Viewpoint - Transocean Ltd. is expected to report a first-quarter 2025 earnings loss of 12 cents per share, with revenues estimated at $885.84 million, reflecting a significant year-over-year decrease in earnings but an increase in revenues [1][3]. Group 1: Previous Quarter Performance - In the last reported quarter, Transocean posted an adjusted net loss of 9 cents per share, missing the consensus estimate of a profit of 1 cent, and adjusted revenues of $952 million, which also fell short of the $959 million estimate [2]. - The company has had mixed results in the past four quarters, beating estimates twice and missing twice, resulting in an average negative surprise of 227.65% [3]. Group 2: Revenue and Cost Projections - The Zacks Consensus Estimate for the first quarter indicates a 300% year-over-year decrease in earnings, while revenues are projected to increase by 15.49% from $767 million in the previous year [3]. - Revenue growth is anticipated in the Ultra-Deepwater Floaters segment, expected to rise by 16.3% to $661.9 million, and the Harsh Environment Floaters segment is projected to surge by 36.7% to $223.5 million [5]. - Total costs and expenses are expected to increase by 19.2% year-over-year to $906 million, with Operating and Maintenance costs rising by 17.8% to $616.2 million and depreciation and amortization expenses increasing by 28.5% to $237.7 million [6][7]. Group 3: Earnings Prediction Model - The current model does not predict an earnings beat for Transocean, as the Earnings ESP is -12.50%, indicating a lower likelihood of exceeding earnings expectations [9]. - Transocean holds a Zacks Rank of 3, suggesting a neutral outlook [10].

Company Information - Borr Drilling Limited (NYSE: BORR) plans to release its financial results for the first quarter of 2025 after the close of the New York Stock Exchange on May 21, 2025 [1] - A conference call and webcast is scheduled for 9:00 AM New York Time (15:00 CET) on May 22, 2025, with participants encouraged to dial in 10 minutes before the start [1] Access Information - The earnings report, webcast, and accompanying presentation will be available from the Investor Relations section on the company's website [2] - Participants can access the webcast through a provided link or register for the conference call to receive dial-in details [2] Replay Information - After the call, participants can stream the replay of the call using a specified link [3] - Questions regarding the event can be directed to Magnus Vaaler, CFO, at a provided contact number [3]